21st Jan 2025 07:20
(Alliance News) - The UK's unemployment rate rose above analysts' forecast in November, data from the Office for National Statistics showed on Tuesday.
In the three months to November 30 the UK unemployment rate for people aged 16 years and over was estimated at 4.4%, the ONS reported. This was above the 4.3% recorded for the three months to October, with FXStreet-cited consensus having expected no change.
It was the highest level of unemployment since May 2024.
Michael Brown, senior research strategist at Pepperstone cautioned: "There is, however, frankly little use in looking too closely at the figures as, despite spending over GBP40 million 'transforming' the labour force survey, the ONS' data remains littered with uncertainty, amid an incredibly low survey response rate, hence lessening the weight that policymakers place on the data."
For the same period, average earnings in the UK excluding bonuses increased 5.6%, up from 5.2% and surpassing the consensus estimate of 5.5%.
Including bonuses, average earnings increased 5.6% in line with consensus, and up from 5.2%.
By Emma Curzon, Alliance News reporter
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